I don't know if the US dollar fall during the Fed's press conference is explicable.
My best guess is that people who were positioned for a hawkish Fed took profits and then put a bit of a squeeze on those who piled into the headlines. Increasingly, FOMC moves feature this kind of volatility and that makes for tough trading.
Cable has been particularly strong though and I think some of that is fundamental.
Central banking is plagued by groupthink and there's growing evidence that policymakers see the war and tightness in jobs as inflationary and a growing risk. The BOE is more attached to defending against inflation than some other central banks and that could manifest itself in a faster pace of hikes.
Market pricing for a 50 bps hike tomorrow is about 40%. The prior MPC vote was 4/9 for 50 bps.
In terms of the chart, there isn't much in the way of resistance until 1.3190.
